SKY440 Inc (SKYF)

[MOMO]

yep...also states the shares will not be hittin the market and are gonna be used for acquisitions...we should hear more about that soon imo~

02/26/2009 @ 1:19PM

Sky440 to Become a Full Reporting Company

Sky440, Inc. (Pink Sheets: SKYF) (“Sky440”) announced today that it is taking steps to become a fully reporting company in order to achieve current information status with Pink Sheets and to provide shareholders with more detailed information on a quarterly and annual basis.

There are 1,722,922,087 shares outstanding with 643,708,963 shares in the float. Management owns more than 50% of the common stock. The company has secured funding commitments through private transactions. As a result, the company is contractually prohibited from reversing the stock for a period of time following each tranche. Because of the low stock price, the company has been limiting the amount and frequency of the tranches, with the funds received going to acquisition and administrative costs, operations and payables.

As the acquisitions move forward, the company will need to increase its authorized. The majority of the shares to be issued are expected to be privately held by management or issued in connection with acquisitions. Management does not expect shares issued to it or acquisition shares to enter the market in the foreseeable future.

The company recently filed its updated 15C211 Issuer Disclosure Statement, which is considered “Limited Information”. To achieve full reporting status and the “Current Information” designation, the company needs to prepare what is in essence a registration statement, including complete current and historical financial statements, managements’ discussion, analysis and plan of operation, and other information included in a registration statement. This type of document can take anywhere from 30 to 90 days to prepare and file, depending upon audit and regulatory review requirements, availability of historical information and costs associated with this type of filing."